Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Cayman Islands Government : Cabinet Approves Action

05/03/2013 | 03:34pm US/Eastern
Recommend:
0
Cabinet Approves Action

Following Cabinet approval, Government is seeking new proposals for developing a business case for cruise berthing in George Town as a Public Private Partnership (PPP).

The formal Request for Proposals (RFP) for developing a Business Case for the cruise berthing facility is being released today (Friday, 3 May 2013).

Cabinet also approved Government's policy directive issued on 5 March for developing Grand Cayman's cruise berthing as well as improving existing facilities at Spotts Landing. The directive titled Strategic Outline Case for Cruise Berthing in the Cayman Islands is also being released today.

His Excellency the Governor, Mr. Duncan Taylor, CBE, stated, "I am happy to see that a clearly defined and robust procurement process has begun, and that the Government is committed to an open and transparent process in the development of the cruise berthing facility."

Tourism Minister the Hon. Cline Glidden Jr., JP, explained, "The policy is intended to support Government's goal of enabling success in the Islands' tourism industry. Specifically, it addresses obtaining increased representation on cruise ship itineraries for the Cayman Islands, with a view to developing more tourism opportunities for our people."

He continued, "A number of benefits will accrue from the project. The construction and development phase, followed by a fully operational facility will generate additional jobs for our people. More importantly, it will deliver significant economic benefits to the Islands, notably improving public revenue and raising the Gross Domestic Product (GDP) from increased visitor spending."

The Minister noted additional benefits include increased opportunity for the continued sustainability and profitability for the Port Authority of the Cayman Islands.

Ministry of Tourism and Development Chief Officer, Mr. Stran Bodden, JP, explained that the procurement process will follow an open, competitive process in keeping with international best practice and the Public Management and Finance Law. The exact number and size of the piers will be developed in the business case, he said.

A competitive procurement process will identify the project's private sector partner(s) who will be responsible for designing, building and financing the facility. "Operational responsibility will then revert to the Port Authority for strategic reasons," Mr. Bodden noted.

Funding is through PPP in view of Government's inability to seek further borrowings. Key stakeholders include Government, the private sector, cruise lines and the public. Identified options include moving the cargo port. The strategic policy document also notes that a major risk involved is environmental impact from construction.

distributed by
Recommend :
0
React to this article
Latest news
Date Title
<1m ago Prudential Summers, REALTORS® Joins Berkshire Hathaway HomeServices Real Estate Brokerage Network
<1m ago MINTZ LEVIN : ’s Bankruptcy Practice Recognized by Legal 500 USA
<1m ago HYUNDAI MOTOR : Researchers Submit Patent Application, "System and Method for Incipient Drive of Slow Charger for a Vehicle with Electric Motor", for Approval
<1m ago MICROSOFT : Researchers Submit Patent Application, "Table of Contents for Search Query Refinement", for Approval
<1m ago BUSINESS MACHINES : Researchers Submit Patent Application, "System and Method for Compiler Assisted Parallelization of a Stream Processing Operator", for Approval
<1m ago SONY : Researchers Submit Patent Application, "Systems, Methods, and Media for Reconstructing a Space-Time Volume from a Coded Image", for Approval
<1m ago Researchers Submit Patent Application, "Tension Member for Airbag, and Airbag Device", for Approval
<1m ago Researchers Submit Patent Application, "Surface-Modified, Exfoliated Nanoplatelets as Mesomorphic Structures in Solutions and Polymeric Matrices",...
<1m ago BUSINESS MACHINES : Researchers Submit Patent Application, "System and Method for Automatically Detecting and Interactively Displaying Information about Entities,...
<1m ago WELLGREEN PLATINUM : IIROC Trading Resumption - WG
Latest news
Advertisement
Hot News 
MAPLE ENERGY : Shares Double As It Is Approached For Possible Takeover
INDIGOVISION : Technology Expo to tour Australia in July
BYOTROL : Grant of Options 24th Jul 2014
SYLVANIA PLATINUM : Q4 Results
IOMART : Shares Up 11% As Host Europe Confirms Takeover Approach
Most Read News
1d ago FACEBOOK : beats Wall Street targets, stock hits record high
1d ago QUALCOMM : struggles to collect royalties in China, stock falls
1d ago BOMBARDIER : to cut 1,800 jobs, aerospace head retires
1d ago MCDONALD : Meat supplier in China food scandal grew with McDonald's
1d ago NOVO NORDISK A/S : New Colitis Study Results from Novo Nordisk Described (Predictive validity and immune cell involvement in the pathogenesis of piroxicam-accelerated...
Most recommended articles
07/17DJU.S. Industrial Production-Historical
9m ago Wal-Mart replaces head of struggling U.S. business
13m agoDJREPUBLIC SERVICES : Landfill Garbage Said To Encroach On Radioactive Waste
19m ago U.S. airlines focus on investor returns as industry profits
22m ago BSkyB to unveil 'Sky Europe' deal on Friday
Dynamic quotes  
ON
| OFF